COMMENTARY
      What a week! First, Microsoft Corp. unleashes Windows 95. Then, the $10 billion 
      Chase Manhattan Corp. and Chemical Banking Corp. merger rocks the banking 
      world. And then Time Warner Inc. jumps into the mergers and acquisitions fray 
      with its $8 billion offer for Turner Broadcasting System Inc. The stock market 
      ended the week up 24 points, at 4604.6. Bond traders were kept on their toes as 
      slowing durable goods orders and sagging retail sales dampened inflation fears, 
      sending the yield on the 30-year Treasury bond from 6.91% to 6.69%.
      
      MARKET ANALYSIS
      
                                                          % change
      U.S. STOCKS                               Latest  Week    52-week
      DOW JONES INDUSTRIALS                     4604.6    0.4      17.7
      MIDSIZE COMPANIES (S&P MidCap Index)      209.7     -0.4     17.5
      SMALL COMPANIES (Russell 2000)            303.3     -0.4     17.9
      ALL COMPANIES (Russell 3000)              323.3     0.5      18.3
      
      FUNDAMENTALS                              Latest    Week ago Year ago
                                                      % change (local currency)
      90-DAY TREASURY BILL YIELD                5.44%     5.59%    4.66%
      30-YEAR TREASURY BOND YIELD               6.69%     6.91%    7.45%
      S&P 500 DIVIDEND YIELD                    2.40%     2.42%    2.67%
      S&P 500 PRICE/EARNINGS RATIO              16.2      16.0     18.9
      
      FOREIGN STOCKS                            Latest    Week    52-week
      LONDON (FINANCIAL TIMES 100)              3504.0    -0.3     7.8
      TOKYO (NIKKEI INDEX)                      17,983.9  1.4      -12.8
      TORONTO (TSE COMPOSITE)                   4531.2    -1.7     4.2
      
      TECHNICAL INDICATORS                      Latest    Week ago Reading
      S&P 500 200-day moving average            506.7     504.3    Positive
      Stocks above 200-day moving average       74.0%     74.0%r   Negative
      Speculative sentiment: Put/call ratio     0.61      0.56r    Neutral
      Insider sentiment: Vickers sell/buy ratio 2.39      2.31     Neutral
      
      BLOOMBERG FINANCIAL MARKETS
      
      INDUSTRY GROUPS
      
                             % change                     % change
                            1-    12-   Strongest stock  1-    12-
      ONE-MONTH LEADERS     month month in group         month month  Price
      1 BROADCASTING         9.1  23.2  CAPITAL          20.0  38.6 115 3/8
                                        CITIES/ABC
      2 PROPERTY-CASUALTY
        INSURERS             8.8  26.0  GENERAL RE       12.0  33.3 149 5/8
      3 MULTI-LINE INSURERS  6.8  28.7  CIGNA            14.8  39.2  94 1/8
      4 MONEY CENTER BANKS   6.4  30.2  CHEMICAL BANKING 14.2  50.3  59 3/8
      5 TRUCKING             6.3 -10.7  CONSOLIDATED     11.0  12.8  26 1/2
                                        FREIGHTWAYS
      
                             % change                     % change
                            1-    12-   Weakest stock   1-    12-
      ONE-MONTH LAGGARDS    month month in group        month month  Price
      1 SPECIALTY APPAREL   -8.7  -19.1 GAP              -9.9 -27.1  32
        RETAILERS
      2 POLLUTION CONTROL   -7.5    0.1 BROWNING-FERRIS -12.0   4.2  33 7/8
                                        INDUSTRIES
      3 DRUG CHAINS         -6.9   26.5 WALGREEN         -9.4  26.7  24
      4 SEMICONDUCTORS      -6.9   68.2 INTEL           -12.3  78.1  58 7/8
      5 SPECIALTY RETAILERS -6.8   -7.1 WOOLWORTH       -17.5 -18.1  13
      
      MORNINGSTAR INC.
      
      MUTUAL FUNDS
      
      LEADERS                           LAGGARDS
      Four-week total return       %    Four-week total return        %
      1 VAN ECK ASIA             11.0   WRIGHT                      -6.2
        INFRASTRUCTURE A                EQUIFUND-GERMANY
      2 LINDNER UTILITY           7.6   WRIGHT EQUIFUND-BELGIUM     -5.7
                                        /LUXEMBOURG
      3 WARBURG PINCUS            7.3   WRIGHT EQUIFUND-NETHERLANDS -5.2
        ADVISOR JAPAN OTC
      
      52-week total return         %    52-week total return          %
      1 SELIGMAN COMMUNICATIONS  95.0   WRIGHT EQUIFUND-MEXICO     -50.0
        & INFORM. A
      2 GOVETT SMALLER           89.5   BT INVESTMENT LATIN        -36.2
        COMPANIES A                     ANERICAN EQUITY
      3 FIDELITY SELECT          85.9   TCW/DW LATIN AMERICAN      -35.6
        ELECTRONICS                     GROWTH
      
      DRI/McGRAW-HILL
      
      RELATIVE PORTFOLIOS
      
      Dollar amounts represent the present value of $10,000 invested one year ago in 
      each portfolio
      
      Percentages indicate five-day total returns
      
         U.S.       Treasury    Foreign    Money
         stocks     bonds       stocks     market fund    Gold
         $12,098    $11,828     $10,890    $10,533        $10,010
         +0.09%     +2.30%      -0.28%     +0.12%         +0.26%
      
      All data on this page are as of market close Wednesday, Aug. 30, 1995, unless 
      otherwise indicated. Industry groups include S&P 500 companies only; 
      performance and share prices are as of market close Aug. 29. Mutual fund 
      returns are as of Aug. 25. Relative portfolios are valued as of Aug. 29. A more 
      detailed explanation of this page is available on request. r=revised NA=Not 
      available
      
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